LOS ANGELES (CelebrityAccess) — Los Angeles based private equity investment firm Shamrock Capital announced that its IP Fund has acquired the music publishing catalogue of the songwriting and production duo Stargate, AKA Tor Hermansen and Mikkel Eriksen.
The deal includes hits by major recording artists such as Katy Perry’s “Firework”; Rihanna’s “Diamonds,” “Rude Boy,” and “What ́s My Name”; and “Irreplaceable” by Beyonce.
The catalog also includes a surfeit of charting from the past decade that include 10 #1 songs from the Billboard Hot 100, three Grammy Song and Record of the Year nominations and more than 50 UK top 10 hits.
The duo of songwriters, who are based in LA but hail from Norway, has won both the ASCAP and Grammy songwriter of the year award and are known for their decade-long collaboration with Rihanna.
“Tor and Mikkel are prolific songwriters and producers who have created an extraordinary body of work that will remain relevant for generations to come. It’s a privilege for us to have had the opportunity to work with them and acquire this truly unique catalogue of music,” said Patrick Russo, Partner at Shamrock Capital. “This diverse catalogue complements our existing music publishing and recorded music rights and advances our long-term strategy of building and holding a portfolio of evergreen properties.”
Shamrock acquired the catalogue through its Entertainment IP Fund which was formed to acquire existing entertainment intellectual property rights across the broader music, film and television content sectors of the industry. Copyright ownership is becoming increasingly attractive to investors, and in recent months, several investment funds have launched to securitize catalogue.
Terms of the transaction were not disclosed.